Religious Facilities Market Briefing

REDEVELOPMENT OF RELIGIOUS FACILITIES Benefitting from high land values, there were several sales of older religious facilities in 2016 where the buyer will redevelop the property (often as apartments). Infill properties with medium or high-density residential zoning tend to be in greatest demand by developers. Because these properties sold for land value, the prices per square foot indicated below would not represent normal market metrics for religious facilities or schools selling to another owner-user. Ultimately, the zoning of the underlying land is critical to the value of a religious facility or school.

RELIGIOUS FACILITIES SOLD FOR REDEVELOPMENT Organization City

Year Blt. Bldg SF:

Sale Date: Price:

Redevelopment Plan:

Roman Catholic (Marywood Center)

Orange

1964 100,000 2/9/2016 $19,000,000 Residential

LA Korean Methodist Church

Los Angeles 1925

25,201

7/1/2016 $16,774,500 Residential

University Religious Conference Los Angeles 1951

17,930 6/29/2016 $10,300,000 Residential

Family Resource Ministries

La Mirada 1961

35,560 1/21/2016 $5,285,000 SFRs

Pasadena Church of Religious Science

Pasadena 1946 5,751

5/31/2016 $5,000,000 Residential

Emissaries of Divine Light

Glen Ivy

1984 4,943 1/13/2016 $28,273,500 Wellness Resort

Balboa City School

San Diego 1963

25,264 3/13/2016 $3,790,000 Condominiums

Source: Costar

Redevelopment Plan for Religious Facilities Sold for Redevelopment

Other, 18.87%

Residential, 81.13%